Renting no longer surefire cheaper option

While renting a home has long been considered the lower-cost option over buying, experts now say the tides are changing in many parts of the country, including New York City, Miami and other large metropolises, where home prices have dropped significantly in the financial downturn. Former renters are now taking advantage of these prices, along with the homebuyer tax credit and lower mortgage rates, according to the New York Times, which has created a rubric for determining whether buying or selling is the way to go. Some industry experts say if the ratio of buying to renting is well-below 20 — as it is in some neighborhoods of New York City and in parts of South Florida — it might be time to ditch the lease and sign the deed.